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Indian rupee was trading almost flat with negative momentum against the US dollar on Thursday, tracking the strength of the American currency in the overseas market after minutes from the Federal Reserve meeting signalled a possibility of earlier and faster interest rate hikes to cool inflation, and weakness in domestic equities also dampened rupee sentiments. Growing concerns over the Omicron variant of coronavirus and its impact on economic recovery as well as firm crude oil prices also adding pressure on domestic unit. However, Foreign Institutional Investors (FIIs) remained net buyers in the capital market as they purchased shares worth Rs 336.83 crore on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 74.39, weaker by 1 paise from its previous close of 74.38 on Wednesday. The currency touched a high and low of 74.4400 and 74.3275 respectively.